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Crypto currency world now closely follows the US-based spot Bitcoin exchange-traded funds (ETFs), which experienced a net outflow of $34.4 million on Thursday. This marks a slowdown compared to the previous day’s record outflows. Bitcoin‘s price also surpassed the $60,000 level today but saw a slight pullback, with BTC trading at $59,699.
The Only Bitcoin ETF with Fund Outflows
According to SoSoValue data, Grayscale’s GBTC was the only ETF to experience a net fund outflow on Thursday, totaling $55 million. Ark Invest’s ARKB added $13 million, leading the day’s net inflows. Franklin Templeton, Valkyrie, Invesco, and Galaxy Digital’s spot Bitcoin ETFs recorded smaller amounts of net inflows totaling $6 million.
In terms of total net assets, BlackRock and Fidelity’s Bitcoin funds, which ranked second and third, also recorded zero flow on Thursday. Bloomberg’s ETF analyst James Seyffart had previously stated that a zero-flow day in ETFs is normal.
Wednesday’s Outflows Set a Record
The day before, on Wednesday, Bitcoin ETF outflows had set a record. The outflows amounted to the largest figure to date, $563.7 million. Just last week, Fidelity’s FBTC began making outflows, surpassing GBTC with a fund outflow of $191 million. Wednesday was also the first day that BlackRock’s IBIT recorded a daily net outflow.
Nevertheless, this situation should not be seen as unusual. “These ETFs generally operate smoothly. Entries and exits are part of the life of an ETF,” said James Seyffart, noting that the outflow figure was significant but should not be seen as a major negative for the market.
For Bitcoin, the flagship of cryptocurrencies, recent comments particularly indicate an upward trend for BTC in the coming period. Experienced analyst Peter Brandt has made a bullish prediction for BTC, stating that the price will head towards $74,000.
